A California court has ruled that Coinbase has the legal right to remove wrapped Bitcoin (wBTC) from its platform, which the exchange announced last month it would do on Dec. 19.
This ruling was made on the first trial date of the lawsuit against Coinbase by Hong Kong-based firm BiT Global, which is connected to Justin Sun. BiT Global had requested a temporary restraining order to stop Coinbase from delisting wBTC, arguing that it would cause harm.
However, the court ruled that there was no cause to prevent Coinbase from removing the tokenized Bitcoin product. This move comes after wBTC underwent significant changes in recent months, including a partnership between its former custodian BitGo and BiT Global.
In a court filing, Coinbase cited allegations of financial misconduct against Sun, who serves as an advisor to BiT Global, as one of the reasons for delisting wBTC.
